LAS VEGAS, NV, Oct. 3, 2013 /CNW/ - Orofino Gold Corp: The Company plans to acquire Oil Production leases in Uinta and San Juan basins and negotiates to acquire Rio-Viejo Joint/Venture agreement to add shareholder value.rofino Gold Corp: The Company plans to acquire Oil Production leases in Uinta and San Juan basins and negotiates to acquire Rio-Viejo Joint/Venture agreement to add shareholder value.evada, October 3rd, 2013 - Orofino Gold Corp. (PINK OTC: ORFG) ("Orofino Gold" or the "Company") is pleased to announce that the Company is in discussions with the a private Company to acquire Oil Production leases in Uinta basin in the State of Utah.
The Company is seeking to acquire Oil & Gas leases on Net Revenue cash flow basis in Sanpete County, in Central Utah and San Juan Basin, The San Juan structural basin is a large downwarp of sedimentary rocks of mostly Mesozoic age. As a geologic region, the San Juan Basin is noted for its large deposits of coal, uranium, and natural gas. Since the 1980s, the Fruitland Formation in the basin has been one of the major US sources of coal bed methane. In 2007, the San Juan Basin produced 1.32 trillion cubic feet of natural gas, making it the largest source of natural gas in the United States. Uranium mining in New Mexico is also performed from the San Juan Basin.
Several reports have suggested that Uintah, Duchesne and Sanpete Counties in North Eastern Counties have recoverable Oil resource in excess of 14.5 Billion barrels of Shale Oil.
The Company has approved to grant of an option and formation of joint venture on its gold/silver properties located in Colombia.
Although Orofino's concessions are only in the initial stages of exploration, preliminary work done by previous claim holders suggests the company's concessions could include heavily mineralized regions well-suited for economic development. Orofino's geological consultants have confirmed the findings of the previous claim holders. In addition, early rock sample analysis has resulted in gold concentrations above industry-wide averages. These same reports have also revealed substantial amounts of silver, suggesting the possibility of additional high-value mineral recoveries beyond gold. Further grab and chip samples will be assayed to establish an area to focus on for initializing test production.
These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many risk factors that affect the industry the Company operates in and other risk factors listed from time to time in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere. The forward-looking statements contained in this press release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
SOURCE: Orfino Gold Corp.
For further information:
Orofino Gold Corp. - Las Vegas, Nevada.
9550 South Eastern Ave., Ste. 253, Las Vegas, NV 89123